Welcome to your monthly property update!

‘For Sale’ signs are sprouting up like daffodils

Now could be the perfect time to get your property on the market as 2024 kicks off with more positive news. Last year, Zoopla* reported a 17% increase in new sales agreed as buyers sought to pin down new deals at the end of 2023.*

This influx in market activity appears to be rolling over into 2024, as mortgage rates continue to improve and buyers return to the market.

Improved market conditions all round

For sellers, house price falls are starting to slow down. This could be due to demand picking up, as some lenders are offering some very competitive deals for new borrowers at a 60% loan to value. This is great news if you’re hoping to achieve a quick sale this year.

It also appears that sellers who have waited for a more settled market can now cash in on the price gains they have been sitting on. According to Zoopla, the average UK home is now worth 18% (or £41,000) more than it was at the start of the pandemic in March 2020. * Because of this, we can expect housing supply levels to grow over the coming months as sellers make a confident return to the market.

Selling in a competitive market

Selling a property in a competitive market demands a thoughtful and strategic approach. Competition can be fierce during peak market periods, so you’ll need an expert on your side to help you navigate the selling process and achieve the best possible price for your home.

Understand market trends
It’s important to stay ahead of the curve by speaking with a local agent. They can identify supply and demand dynamics in your area and use this information to help set a competitive yet realistic asking price.

Price strategically
You’ll need to find the sweet spot for your property, so make sure to book an expert valuation as this will consider recent sales in the area, your property’s location, and the overall condition of your home.

Invest in effective marketing
Selling without an agent means you won’t have the same leverage online to reach the right audience. Digital marketing is a powerful tool, so you’ll need someone with an expert hand and an established network. However, traditional methods of marketing hold just as much influence, so make sure to ask your agent about their brochures, flyers, and local advertisements.

Responsive communication
When the market is busy, you need to make yourself stand out to potential buyers. Time is of the essence, so make sure to respond promptly to all inquiries and work closely with your agent by providing them with comprehensive information on your home. It will also put you in good stead to be accommodating with viewings, as you may be able to offer a booking slot which your competitor cannot.

Negotiation strategies
It’s important to have a skilled negotiator on your side who understands your property’s true value. Let your agent know if you’re willing to be flexible, as this could be the key to a successful deal.

Are you ready to sell your home? Get in touch with our expert team to find out how we can help

Zoopla*

Why you shouldn’t write your own tenancy agreement

In today’s technology-driven world, many landlords might ask the question: Why should I use a letting agent when a search engine can write my tenancy agreements for free?

While it might be tempting to construct your own tenancy agreements using an online template or to simply ask an AI engine to do it, there are several key reasons why this is not a suitable option for modern landlords.

Inadequate protection
Tenancy agreements are just as important for protecting landlord rights as they are for tenants. A tenancy agreement which hasn’t been crafted according to local and up-to-date legislation may lack crucial clauses which provide both landlords and tenants with necessary safeguards. These clauses may cover things like property maintenance, rent increases, or handling tenant violations.

When a professional puts together a tenancy agreement for you, they can include provisions which will empower you to take appropriate actions if your tenants breach the terms of the agreement. Agreements crafted without expertise may lack the comprehensive language and the knowledge required to address various disputes which may arise during a tenancy.

Legal compliance issues
Your tenancy agreement is a legally binding document, so it must adhere to the laws of the local jurisdiction. This may sound straightforward, but laws surrounding tenancy agreements can be extremely complex and vary significantly from one place to the next.

A DIY tenancy agreement may not account for the specific legalities of your location, especially if a generalised template has been used. This can leave you vulnerable to both legal and financial repercussions.

Potential for ambiguity and confusion
Poorly written tenancy agreements open up opportunities for miscommunication and ambiguity between landlords and tenants. It’s crucial to use clear and precise language to avoid confusion, as a lack of understanding can lead to disputes over payment schedules, responsibilities, and other important terms. Once disagreements between the landlord and tenant arise, this creates room for legal implications which could have been easily avoided with a professionally drafted document.

Notice periods
If you aren’t well-versed in the complexities of tenancy agreements, writing your own could mean that you fail to get the paperwork right regarding notice periods. This could subsequently invalidate any notice you need to serve.

Letting agents have their fingers on the pulse for all recent rule changes and updates to notice periods, allowing you the peace of mind of infallible legal compliance.

Possible financial implications
Using an online template or an AI bot to construct a tenancy agreement may seem like a cost-saving measure in the short term, but this can have long-term financial implications. Failure to draft a legally compliant and clear tenancy agreement can expose you to legal battles, fines, or even having to compensate tenants for damages or violations. Whether you’re a first-time landlord or you have an extensive portfolio of properties, it’s essential to opt for a professionally crafted agreement from the outset to safeguard your investment.

Thinking of becoming a landlord? Contact our expert lettings team today

Hello Again - The Neil Diamond Songbook | 5th July 2024

Join us for the world’s greatest celebration of the life and work of one of the best-selling singer-songwriters of all-time, Neil Diamond.

Click here to read Hello Again - The Neil Diamond Songbook | 5th July 2024.

Fixer-upper vs. Move-in ready

If you’re on the fence between buying a fixer-upper or a move-in ready home, here are some pros and cons for both:

Fixer-uppers

A ‘fixer-upper’ is a property which requires thorough renovation and repairs before it can become a comfortable living space. Because of this, fixer-upper homes are generally sold for a much lower market value than homes which are ready to live in.

This type of home may be an ideal purchase for a first-time buyer or an investor, as they may be able to make a substantial profit by renovating and reselling.

Pros

Lower upfront costs: Fixer-uppers can command much lower asking prices than similar homes that are move-in ready. Those selling fixer-upper homes usually wish to achieve a fast sale, so you might be able to snag a good deal if you get your offer in quickly.

Personalisation and customisation: For some, the allure of a fixer-upper comes from the ability to use the home like a blank canvas and customise it to their exact liking.

Adding value: Transforming a fixer-upper is a great way to achieve a return on investment, as there is plenty of scope to add substantial value to the property. From replacing outdated features to improving the home’s aesthetics, you can potentially profit from a fixer-upper home when the time comes to sell.

Cons

Time: Time is our most valuable commodity, and renovating a home requires a lot of it. If you’re hoping to move in and get settled down quickly, a fixer-upper might not be for you.

Costs: While the initial savings can be enticing, remodelling a home might cost you more than you expected. Even if you have budgeted thoroughly, there may be some costs for repairs which you hadn’t planned for. It’s important to carefully consider your financial standing before investing in a home which needs serious restoration work.

Move-in ready homes

‘Move-in ready’ is a broad term as it can cover many degrees of readiness. But fundamentally, a move-in ready home requires little to no maintenance or repair before its next owners can move in. The homes have plenty of appeal, as they may have been recently renovated, and buyers may be able to unload their furniture and get settled in right away.

Pros

Convenience: One of the key advantages of move-in ready homes is the convenience they offer. Buyers can save time and effort as they don't need to deal with extensive renovations or repairs before moving in. This is particularly appealing to those with busy schedules or those who want to start enjoying their new home immediately.

Cost savings: While move-in ready homes may have a higher upfront cost, they can often save buyers money in the long run. The expenses associated with immediate repairs or renovations are avoided, preventing unexpected financial burdens.

Faster occupancy: The name itself implies that these homes are ready for move-in day. This can be advantageous for those who need to move quickly, whether due to job relocation or other personal circumstances.

Cons

Higher initial costs: Move-in ready homes often come with a higher price tag compared to fixer-upper properties. Buyers may pay a premium for the convenience of not having to invest time and money into renovations. This can limit the options available for those on a tight budget or looking for more affordable housing solutions.

Limited customisation: While move-in ready homes may be aesthetically pleasing, they often lack the level of customisation that some buyers desire. Some may find these homes restrictive, as major renovations may not be necessary but are also not easily accommodated.

Potential overlooked issues: Even though a home is labelled as move-in ready, there's still a risk of overlooked issues. Buyers should conduct thorough inspections, as cosmetic upgrades might mask underlying problems. When house-hunting, it's important to ensure that the home is not just visually appealing but structurally sound to avoid unexpected maintenance costs down the line.

Whether you’re looking for an investment property or your dream home, contact our expert team today

Fixer-upper vs. Move-in ready

Whether you’re on the market for your first home, or looking for an investment property, one of the key things to consider is: how much work are you willing to put in once you’ve been handed the keys?

If you’re on the fence between buying a fixer-upper or a move-in ready home, here are some pros and cons for both:

Fixer-uppers
A ‘fixer-upper’ is a property which requires thorough renovation and repairs before it can become a comfortable living space. Because of this, fixer-upper homes are generally sold for a much lower market value than homes which are ready to live in.

This type of home may be an ideal purchase for a first-time buyer or an investor, as they may be able to make a substantial profit by renovating and reselling.

Pros

Lower upfront costs: Fixer-uppers can command much lower asking prices than similar homes that are move-in ready. Those selling fixer-upper homes usually wish to achieve a fast sale, so you might be able to snag a good deal if you get your offer in quickly.

Personalisation and customisation: For some, the allure of a fixer-upper comes from the ability to use the home like a blank canvas and customise it to their exact liking.

Adding value: Transforming a fixer-upper is a great way to achieve a return on investment, as there is plenty of scope to add substantial value to the property. From replacing outdated features to improving the home’s aesthetics, you can potentially profit from a fixer-upper home when the time comes to sell.

Cons

Time: Time is our most valuable commodity, and renovating a home requires a lot of it. If you’re hoping to move in and get settled down quickly, a fixer-upper might not be for you.

Costs: While the initial savings can be enticing, remodelling a home might cost you more than you expected. Even if you have budgeted thoroughly, there may be some costs for repairs which you hadn’t planned for. It’s important to carefully consider your financial standing before investing in a home which needs serious restoration work.

Move-in ready homes
‘Move-in ready’ is a broad term as it can cover many degrees of readiness. But fundamentally, a move-in ready home requires little to no maintenance or repair before its next owners can move in. The homes have plenty of appeal, as they may have been recently renovated, and buyers may be able to unload their furniture and get settled in right away.

Pros

Convenience: One of the key advantages of move-in ready homes is the convenience they offer. Buyers can save time and effort as they don't need to deal with extensive renovations or repairs before moving in. This is particularly appealing to those with busy schedules or those who want to start enjoying their new home immediately.

Cost savings: While move-in ready homes may have a higher upfront cost, they can often save buyers money in the long run. The expenses associated with immediate repairs or renovations are avoided, preventing unexpected financial burdens.

Faster occupancy: The name itself implies that these homes are ready for move-in day. This can be advantageous for those who need to move quickly, whether due to job relocation or other personal circumstances.

Cons

Higher initial costs: Move-in ready homes often come with a higher price tag compared to fixer-upper properties. Buyers may pay a premium for the convenience of not having to invest time and money into renovations. This can limit the options available for those on a tight budget or looking for more affordable housing solutions.

Limited customisation: While move-in ready homes may be aesthetically pleasing, they often lack the level of customisation that some buyers desire. Some may find these homes restrictive, as major renovations may not be necessary but are also not easily accommodated.

Potential overlooked issues: Even though a home is labelled as move-in ready, there's still a risk of overlooked issues. Buyers should conduct thorough inspections, as cosmetic upgrades might mask underlying problems. When house-hunting, it's important to ensure that the home is not just visually appealing but structurally sound to avoid unexpected maintenance costs down the line.

Whether you’re looking for an investment property or your dream home, contact our expert team today

Should I wait to sell my house?

If you’re ready to move on from your current home, you might have asked yourself the question: Should I sell it or rent it out? Let’s explore the nuances of selling versus letting, why one option might be better for you, and how you can plan your next move for the best possible outcome.

Should I wait to sell my house?
Choosing the best time to sell is no easy task. If the housing market is buoyant, you could either wait and see if prices climb further, or strike while they’re already high. There are some reliable seasonal trends which you could follow, but timing will largely depend on the housing market in your local area. National trends may not apply to the market in your location, so it’s important to speak to a localised, experienced agent who can point you in the right direction when it comes to timing and pricing.

Will my mortgage lender let me rent out my house?
It is imperative that you speak to a mortgage adviser and check the small print of your mortgage agreement for any limitations before coming to a decision. Many mortgages will include a clause that disallows you to rent out your property, while some may only allow you to rent it out for up to a year.

If it turns out that you do have to change your mortgage, you’ll most likely have to switch to a buy-to-let mortgage. These mortgage deals often charge higher interest rates, but they also allow you to rent out your home. It’s important that you don’t make this decision overnight, as you’ll have to plan for a variety of upfront costs such as early repayment fees, valuation survey fees, and new mortgage arrangement fees.

Let-to-buy mortgages
Conversely, let-to-buy (LTB) mortgages could be a suitable option if you’re thinking about renting out your home. Unlike buy-to-let mortgages, you can take out an LTB to purchase your next home while renting out your old one. If you have enough equity in your home, you can remortgage and put some cash into a deposit for a new home, then with a let-to-buy mortgage, you can use rental income to cover your monthly mortgage repayments.

Advantages of selling

Achieving a good price
Listening to the advice of an expert agent and setting the right asking price will ensure that you get a great price for your property, which can then be used to purchase your next home.

Using increased value
Some people upsize using the increased value of their current home. If the value of your home has increased significantly since you bought it, you’ll be able to use the funds towards the cost of buying a bigger property. Or, if you’re hoping to downsize, your return on investment can be used as disposable income or placed into a savings account.

Pay less Capital Gains Tax
Capital Gains Tax (CGT) only applies if you’re making a profit from selling a property that is not your main home. Therefore, if the property you are planning on selling is not your main home, you can still pull in a return on your investment without having to worry about CGT.

Advantages of renting out your house

A faster move
You may rent out your house to facilitate a faster move, as you can place an offer on your next home as a ‘chain-free’ buyer, and not have to worry about delays in the conveyancing process.

Additional income
Renting could be a great option if you would benefit more from a steady stream of income, rather than a lump sum. Additionally, if you’re working abroad and plan on returning home at some point, renting it out will supply you with an additional source of income in the meantime.

Value growth
House value steadily grows over the years in which you own the home, so by renting it out for a few years instead of selling, you might be able to achieve a higher sales price, plus any additional income you made from rent.

Whether you’re buying, selling, renting, or letting, get in touch with the expert team

Everything landlords need to know about fire door responsibilities

As a landlord, ensuring the safety of your tenants is not only a moral duty but also a legal obligation. Fire doors play a critical role in protecting lives and property; therefore, understanding your responsibilities regarding fire doors is essential to maintaining compliance with the law. Here’s what every landlord needs to know about fire door responsibilities.

What is a fire door?

A fire door acts as a vital safety device in the event of a fire by delaying the spread of both flames and smoke. This gives tenants critical time to get to safety, while also minimising the damage caused to the property.
Fire doors are an integral part of a building’s passive fire protection system and are essential in communal areas and any space where a fire could pose a significant risk. Certified fire doors must be rigorously tested and supported by a safety performance certificate to prove that they have been tested in accordance with British standards.

Who is responsible for fire doors?

While the landlord is responsible for the fire doors in the property, it’s wise to talk to your tenants about the rules regarding fire safety in rental properties. You could also provide them with a handbook which details the rules they will need to follow while living in the property.
For example, propping open a fire door is against the law due to the risk it poses to the tenants and others.

Fire door legislation

In the UK, fire safety regulations are primarily governed by two key pieces of legislation: the Regulatory Reform (Fire Safety) Order 2005 and the Housing Act 2004. The Fire Safety Order applies to all non-domestic premises, including common areas of residential buildings such as blocks of flats or houses in multiple occupation (HMOs). Under this legislation, landlords must carry out regular fire risk assessments, identify fire hazards, and take steps to reduce risks, including installing and maintaining fire doors.

Where should fire doors be installed:

Landlords are responsible for ensuring fire doors are installed in the following areas:

HMOS and multi-occupancy buildings: Fire doors must be installed in all rooms that lead to communal areas, such as hallways and stairwells. This includes kitchens, living rooms, and bedrooms in HMOs.
Flats: In blocks of flats, fire doors should be installed at the entrance to each flat and in any communal areas such as corridors and stairwells.
New builds and renovations: Any new building or renovation must comply with current fire safety standards, including the installation of appropriate fire doors where required.

Maintenance and inspection

Fire doors must be regularly maintained and inspected to ensure they remain effective. Landlords should conduct or arrange for a professional fire risk assessment that includes checking the condition of fire doors. Key things to look for include:

Door alignment: The door should close properly, without gaps that could allow smoke or fire to pass through.
Intumescent seals: These seals expand in heat to block gaps around the door, and they should be intact and properly fitted.
Hinges and closures: Check that all hinges are secure and that the door closer functions correctly, ensuring the door closes automatically.
No modifications: Any holes, damage, or modifications can compromise the fire door’s integrity.

Additionally, fire doors must be clearly labelled with appropriate signage indicating that they are fire doors. Signs such as ‘Fire Door – Keep Shut’ should be placed on both sides of the door. This is particularly important in communal areas, where tenants or visitors may not be aware of the door’s importance.

Need help managing your buy-to-let property? Contact our dedicated team today

Finding the right home for winter

It should not be the case but sadly for many tenants, winter will be a bigger ordeal than it should be thanks to unscrupulous landlords. Feeling cosy in a nice home for winter is simply magical and very important.

A good EPC rating

EPC certificates show how energy efficient a property is and are graded from A to G, with A being the most energy efficient and G the least. So, it’s in your interests to choose a property with a higher rating. It’s been a legal requirement since 2018 for rented properties in the UK to have a minimum energy rating of E. EPC recommendations can include improving floor insulation, replacing boilers, and fitting LED light bulbs. So, picking a property with a good EPC rating will insulate you from the winter months.

Inspect the property thoroughly

Don’t underestimate yourself when it comes to carrying out a visual inspection of the property when you are viewing it. The property description will specify its features and EPC rating. But it’s comforting to check for yourself. So, take a look at the windows, the location of the boiler, and the condition of the appliances to get a feel for how well-insulated the property is. If the property appears and feels fresh and well-maintained, then chances are it is.

Ask the right questions

Good agents are a fountain of knowledge, so use it. The more information you can find out about your potential new home, the better. You want to feel as settled and as happy as possible with your new home. This comes with the peace of mind a property expert can bring to the table. From understanding your lease to protecting your deposit, and all the other details of your tenancy that matter to you. Then you will feel more relaxed in your home when it’s time to snuggle up for the winter.

Rent with support

Property maintenance should never be overlooked. Sometimes renting can lead to tenants finding themselves in a property with a myriad of maintenance issues. Renting through an agent could provide you with the opportunity to choose a fully managed property. This will offer 24/7 maintenance support, meaning issues get addressed quickly. But there is more to a home than maintaining it. Finding a home in the right location so that you are close to the people or the things you love all makes for a happier life.

Enlist the help of a good agent

It’s certainly not impossible to find a good property independently but using an agent will make it easier. Having a third party that ensures your home is compliant and is just a phone call away has a lot of benefits. A good letting agent will be there to represent you throughout your tenancy. Yes, agents also represent the interests of landlords but because of this, tenants benefit from living in properties of a higher standard, which is ideal for keeping the winter at bay.

Contact us to find your next home for all seasons

A guide on joint tenancy

Joint tenancies are a wonderful introduction to the world of renting. It provides a fun, social way of living while being super affordable. With many different types of letting agreements available, it’s important to understand the tenancy before signing it. In this article, we help you understand the entirety of a joint tenancy.

What is a joint tenancy agreement?

Joint tenancies, most common among students, young professionals, couples, and families, are legal agreements that bind two or more individuals together as equal tenants. It allows you to equally split the costs and responsibilities of renting a property. When involved in a joint tenancy, it’s crucial to have clear communication and organisation to avoid potential disputes.

What are the benefits of a joint tenancy?

Better affordability

A joint tenancy has many appealing benefits, but the biggest one overall is how it makes the costs of renting more affordable. This is because you are able to equally divide the overall expenses of renting, reducing your financial burden and allowing you to save for your own property one day.

Less responsibility

With an equal split in the tenancy, all responsibilities are divided between every party. Whether that's cleaning, cooking, or even simply taking the bins out, it allows you to share all the responsibilities of renting a home.

Create relationships

Being involved in a joint tenancy allows you to create solid friendships you will keep for life. Sharing a home with new people will boost your overall social life and create the perfect scene for anyone who doesn’t want to live alone.

What are my responsibilities as a tenant in a joint tenancy?

All the joint tenants are under one agreement, which means they share all the same responsibilities and face the same challenges as if they were one. Each tenant must follow the terms of the tenancy agreement and look after the property, but if an individual doesn’t comply with the rules of the tenancy, everyone in the joint tenancy is liable.
Joint tenancies usually have one key individual named as the lead tenant who interacts with the landlord or letting agent, making the communication path simpler. If you act as the lead tenant, this allows you to take charge of the tenancy and learn more about responsibility.

How do deposits work in a joint tenancy?

A joint tenancy deposit acts like any other regular deposit. The deposit is collected in separate payments from each tenant but collected and combined, creating one tenancy deposit. A joint tenancy is a joint responsibility with all the parties involved, so when it comes to the return of your full deposit, you will be relying on your housemates to be trustworthy and respectable towards the home.

How do I end my joint tenancy?

Ending a joint tenancy can be seen as a confusing process as it involves multiple tenants. You can’t end a fixed-term tenancy before it expires unless the tenancy agreement has a break clause, or all the joint tenants and landlord agree to end it. If the fixed-term tenancy comes to an end and an individual wants to discontinue their part of the tenancy but the others want to continue, the responsibility will fall on the remaining tenants, either paying the extra rent each month or by identifying a replacement tenant.

Is a joint tenancy the right way for you? Contact us for more information.

Everything you need to know about FENSA Certificates

Obtaining a FENSA Certificate is crucial when it comes to buying or selling a property. But what exactly is a FENSA Certificate, and why is it so important? In this article, we take a look at everything you need to know about them, from what they are to how they impact the selling and buying process.

What is FENSA?

The Fenestration Self-Assessment Scheme (FENSA) regulates the replacement of windows and doors in residential properties. It was established by the government in 2002 when building regulations were amended for double-glazing.

What is a FENSA Certificate?

A FENSA Certificate verifies that a FENSA-registered supplier installed all windows, doors, roofs, and skylights in accordance with building regulations. This verification eliminates the need for local building authorities to inspect the work to ensure that it meets the necessary regulations.

Why do you need a FENSA Certificate?

Without a FENSA Certificate, you are at risk of paying for a service that does not satisfy safety and quality standards. Failure to comply with certain regulations may even result in fines and legal issues.
A FENSA Certificate also ensures that the windows and doors installed in your home meet the required energy efficiency standards, which can help to regulate the temperature inside your home and reduce your energy bills.

How to get a FENSA Certificate

Using a FENSA-registered supplier is the easiest way to ensure you obtain a certificate. These professionals are certified to carry out installations that comply with building regulations.
After the work is complete, the installer may arrange an inspection to verify that the installation adheres to building regulations. They will then send the required paperwork to FENSA, who will issue you the certificate.

How FENSA Certificates affect the selling process

When selling a property, having a valid FENSA Certificate for any replacement windows and doors is essential. It gives any potential buyers peace of mind that the property is safe and secure, which could increase their likelihood of making an offer.
While it is not a legal requirement to have a FENSA Certificate when selling a property, buyers are increasingly savvy when it comes to property purchases. Their solicitor is likely to request to see the certificate before contracts are exchanged, so failing to have one could cause a sale to fall through.

How FENSA Certificates affect the buying process

On the flip side, when you are buying a property, it is important to check whether there is a valid FENSA Certificate for any replacement windows and doors. This will ensure that the property is compliant with building regulations and that there are no issues with the installation.
If a property does not have a FENSA Certificate for replacement windows and doors, this should raise red flags for you as a potential buyer. Your solicitor might scrutinise the quality of the installations, seek further details, or even request replacements to adhere to building regulations.

Looking to sell your home? Book a valuation today

Big CountrySaturday 30th November 2024

'Return To Steeltown' 40th Anniversary Tour 1984-2024
+ special guest support: MIKE PETERS from THE ALARM

Big Country will be performing songs from the ‘Steeltown’ album as well as the classic hits and live favourites...

Click here to read Big CountrySaturday 30th November 2024.